{"id":193940,"date":"2018-03-13T10:37:05","date_gmt":"2018-03-13T05:07:05","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=193940"},"modified":"2018-03-13T10:37:05","modified_gmt":"2018-03-13T05:07:05","slug":"insolvency-bankruptcy-board-india-signs-mou-reserve-bank-india","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/13\/insolvency-bankruptcy-board-india-signs-mou-reserve-bank-india\/","title":{"rendered":"Insolvency and Bankruptcy Board of India signs MoU with Reserve Bank of India"},"content":{"rendered":"<p style=\"text-align: justify;\">The Insolvency and Bankruptcy Board of India (IBBI) has signed a Memorandum of Understanding (MoU) with Reserve Bank of India (RBI) on the side-lines of the 4<sup>th<\/sup> meeting of the\u00a0 Insolvency Law Committee (ILC) at New Delhi.<\/p>\n<p style=\"text-align: justify;\">The Insolvency and Bankruptcy Code, 2016 (Code) provides for reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders and, for this purpose, has established an institutional infrastructure comprising of Adjudicating Authorities, the IBBI, insolvency professionals, insolvency professional agencies and information utilities. The IBBI exercises regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies and Information Utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.<\/p>\n<p style=\"text-align: justify;\">Both the RBI and the IBBI are interested in the effective implementation of the Code and its allied rules and regulations, through a quick and efficient resolution process. Therefore, they have agreed under the MoU to assist and co-operate with each other for the effective implementation of the Code, subject to limitations imposed by the applicable laws.<\/p>\n<p style=\"text-align: justify;\">The MoU provides for:<\/p>\n<p style=\"text-align: justify;\">(a) sharing of information between the two parties, subject to the limitations imposed by the applicable laws;<\/p>\n<p style=\"text-align: justify;\">(b) sharing of resources available with each other to the extent feasible and legally permissible;<\/p>\n<p style=\"text-align: justify;\">(c) periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party&#8217;s responsibilities, enforcement cases, research and data analysis, information technology and data sharing, or any other matter that the parties believe would be of interest to each other in fulfilling their respective statutory obligations;<\/p>\n<p style=\"text-align: justify;\">(d) cross-training of staff in order to enhance each party&#8217;s understanding of the other&#8217;s mission for effective utilisation of collective resources; (e) capacity building of insolvency professionals and financial creditors;<\/p>\n<p style=\"text-align: justify;\">(f) joint efforts towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress under the provisions of the Code, etc.<\/p>\n<p style=\"text-align: right;\">Ministry of Corporate Affairs<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Insolvency and Bankruptcy Board of India (IBBI) has signed a Memorandum of Understanding (MoU) with Reserve Bank of India (RBI) on <\/p>\n","protected":false},"author":91,"featured_media":160494,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[29471,2665,2611,29476],"class_list":["post-193940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business_news","category-news","tag-ibbi","tag-MoU","tag-RBI","tag-sharing-of-information"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insolvency and Bankruptcy Board of India signs MoU with Reserve Bank of India | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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and Exchange Board of India signs MoU with the Insolvency and Bankruptcy Board of India","author":"Bhumika Indulia","date":"March 28, 2019","format":false,"excerpt":"Securities and Exchange Board of India (SEBI) signed a Memorandum of Understanding (MoU) today with the Insolvency and Bankruptcy Board of India (IBBI) at Mumbai. The said MoU was signed by Shri Anand R. Baiwar - Executive Director, SEBI and Shri Ritesh Kavdia \u2013 Executive Director, IBBI. SEBI and IBBI\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/06\/sebi.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":222682,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/29\/ibbi-amends-the-insolvency-and-bankruptcy-board-of-india-insolvency-resolution-process-for-corporate-persons-regulations-2016\/","url_meta":{"origin":193940,"position":1},"title":"IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016","author":"Bhumika Indulia","date":"November 29, 2019","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2019 on 28th\u00a0November 2019. Some of the amendments made by these Regulations are consequential to the Insolvency and Bankruptcy Code (Amendment) Act, 2019, which came\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":211548,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/03\/07\/insolvency-and-bankruptcy-board-of-india-signs-a-cooperation-agreement-with-international-finance-corporation\/","url_meta":{"origin":193940,"position":2},"title":"Insolvency and Bankruptcy Board of India signs a Cooperation Agreement with International Finance Corporation","author":"Bhumika Indulia","date":"March 7, 2019","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement yesterday with the International Finance Corporation (IFC), a Member of the World Bank Group (WBG). The Agreement was signed by Mr. K. R. Saji Kumar, Executive Director, IBBI and Mr. Jun Zhang, Country Manager, IFC India, in the\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/MCA.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":167714,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/11\/08\/ibbi-fast-track-insolvency-resolution-process-corporate-persons-third-amendment-regulations-2017-notified\/","url_meta":{"origin":193940,"position":3},"title":"IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2017 notified","author":"Saba","date":"November 8, 2017","format":false,"excerpt":"No. IBBI\/2017-18\/GN\/REG020.\u00a0-- In exercise of the powers conferred by clause (t) of sub-section (1) of section 196 read with section 240 of the Insolvency and Bankruptcy, Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations to amend the Insolvency and Bankruptcy Board\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Insolvency-and-Bankruptcy-Board-of-India.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":227717,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/31\/ibbi-amends-ibbi-insolvency-resolution-process-for-corporate-persons-regulations-2016-amidst-the-nationwide-lockdown-for-containment-of-covid-19\/","url_meta":{"origin":193940,"position":4},"title":"IBBI amends &#8212; IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 amidst the nationwide lockdown for containment of COVID-19","author":"Bhumika Indulia","date":"March 31, 2020","format":false,"excerpt":"The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) on 29-03-2020. 2. Government of India has declared a lockdown of twenty-one days with effect from 25th March, 2020 as a measure to combat\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/12\/IBBI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":107191,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/02\/16\/ibbi-invites-comments-on-draft-regulations-for-voluntary-liquidation-of-corporate-persons\/","url_meta":{"origin":193940,"position":5},"title":"IBBI invites comments on Draft Regulations for Voluntary Liquidation of Corporate Persons","author":"Saba","date":"February 16, 2017","format":false,"excerpt":"The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. 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